WAEC Accounting Past Questions & Answers - Page 171

852.

A cash discount is a

A.

Trading Account item

B.

Profit and Loss Account item

C.

Appropriation Account item

D.

Receipts and Payments Account item

E.

Balance Sheet item

Correct answer is B

No explanation has been provided for this answer.

853.

Which of the following is not a personal account?

A.

Bolaji Account

B.

Drawings Account

C.

P.Z. Plc Account

D.

Cash Account

E.

Acada Club Account

Correct answer is C

No explanation has been provided for this answer.

854.

An item is fictitious because it

A.

Does not exist

B.

Is too costly

C.

Is worthless

D.

Cannot be sold for cash

E.

Is bought on credit

Correct answer is A

No explanation has been provided for this answer.

855.

A real account is the account of

A.

Expenses or losses

B.

Gains or income

C.

Physical tangible items

D.

Fictitious items

E.

Current liabilities

Correct answer is D

No explanation has been provided for this answer.